Gold Surges Above $4,450 as Fed Hike Odds Fall to 48%
Gold futures have surged to $4,526.20, up by $111.60 or 2.53% against Wednesday's settle of $4,414.60.
The spot price of XAU/USD has also rebounded from a three-week low at $4,282.67, reaching above $4,450 after bouncing back.
This move marks the second consecutive session of recovery for gold, which had declined sharply on Wednesday due to Iran-related tensions and concerns about inflation expectations.
However, with Federal Reserve Governor Christopher Waller's comments indicating a potential pause in interest rate hikes, gold has found new life as a short-duration rate instrument, rather than a safe-haven asset.
The key level for the metal's price trajectory is $4,470 in spot terms. If it breaks above this level, the August high near $4,700 comes back into range.